Core Viewpoint - China Gas has established a strategic partnership with EVE Energy to enhance collaboration in energy storage technology, biomass technology applications, and green clean energy, supporting the national "dual carbon" goals [1][2] Group 1: Strategic Cooperation Agreement - The strategic cooperation agreement was signed on December 2, 2025, focusing on three core areas: technology research and development, project development and market expansion, and green energy ecosystem construction [1][2] - The partnership aims to leverage the strengths of both companies in distributed energy, biomass, and low-carbon platforms, combining them with EVE Energy's leading battery solutions to develop energy storage systems and biomass energy coupling technology [1] Group 2: Project Development and Market Expansion - Both companies plan to jointly develop projects in commercial energy storage, mobile storage, heavy-duty vehicle battery swapping, and zero-carbon parks, with a goal to achieve 1 GWh of orders for energy storage products within one year [1] - The collaboration will also explore market opportunities in the next three years, focusing on commercial user-side storage, electric heavy-duty vehicle batteries, and mobile storage [1] Group 3: Green Energy Ecosystem Construction - China Gas will provide comprehensive energy support, including biomass gas, steam, and new energy power, to EVE Energy's production bases in Yunnan, Hubei, and Malaysia [2] - The partnership aims to deepen collaboration in the comprehensive energy sector, promoting high-quality development of the new energy industry chain and contributing to global energy transition [2] Group 4: Zero Carbon Layout - The company will focus on creating zero-carbon cities and parks, implementing a systematic layout across the entire industry chain of "source-network-load-storage" [2] - The initiative includes providing carbon measurement and energy-saving services throughout the building lifecycle and developing smart low-carbon industrial parks through digital management platforms [2]

智通财经APP讯，中国燃气(00384)发布公告，董事会欣然向公司股东及潜在投资者提供集团业务的最新 发展： (一) 政策驱动市场机遇，储能业务规模化高速发展 今年以来，国家相关部门密集出台关于深化新能源上网电价市场化改革、全面加快电力现货市场建设及 促进新能源消纳和调控等系列政策，有效驱动工商业用户侧储能需求爆发。集团凭借先发优势与整合能 力，精准把握政策红利，加速项目落地与市场拓展，实现了该板块的规模化高速发展。 截至2025年9月30日止，集团工商业用户侧储能业务持续展现强劲增长动能，累计已投运规模达617.7兆 瓦时(MWh)，累计签约装机容量已达到1.2吉瓦时 (GWh)，主要项目集中分布于江苏、浙江及广东等区 域。此外，在当前绿电交易规模和市场化程度不断提升的背景下，集团积极应用人工智能(AI)技术以提 升电力交易的精准度，并通过虚拟电厂等创新模式聚合分散式能源资源，结合储能项目运营，有效拓宽 了电力新能源业务的盈利渠道。 集团将紧密围绕零碳城市(园区)的打造，于"源-网-荷-储"全产业链进行系统布局。在国家"碳达峰、碳中 和"战略强力部署的新形势下，通过能源类资产的运营，致力实现电、气、热、冷等 ...

Group 1 - The company is experiencing rapid growth in its energy storage business, driven by favorable government policies and a strong market demand from commercial users, with a cumulative operational scale of 617.7 MWh and a signed capacity of 1.2 GWh as of September 30, 2025 [1] - The company is leveraging artificial intelligence technology to enhance the accuracy of electricity trading and is exploring innovative models like virtual power plants to aggregate distributed energy resources, thereby expanding its profit channels in the renewable energy sector [1] Group 2 - The company is committed to its "green city operator" strategy, aligning with national carbon neutrality goals, and is integrating various energy services such as distributed photovoltaics, charging stations, and biomass energy to create a collaborative energy ecosystem [2] - A strategic partnership has been established with Yiwei Lithium Energy to focus on technology innovation in energy storage and biomass applications, aiming to support the national carbon goals through joint efforts in three core areas: technology development, project development, and green energy ecosystem construction [2][3] Group 3 - The partnership plans to develop projects in commercial energy storage, mobile storage, and zero-carbon parks, with a target of achieving 1 GWh of orders for battery or energy storage products within a year, covering both domestic and international markets [3] - The company aims to create a zero-carbon city by integrating various energy systems and providing comprehensive energy services throughout the lifecycle of buildings, while also utilizing digital management platforms to promote smart low-carbon industrial parks [4]

Core Insights - The National Energy Administration released the "China Natural Gas Development Report (2025)", summarizing the natural gas development situation in 2024 and forecasting the market supply and demand for 2025 [1] Supply Capacity Strengthening - In 2024, China's natural gas production reached 246.5 billion cubic meters, a year-on-year increase of 6.0%, adding 14.1 billion cubic meters [2] - Unconventional natural gas production surpassed 100 billion cubic meters for the first time, accounting for 44.5% of total natural gas production, with shale gas production at 25.7 billion cubic meters and coalbed methane production at 13.8 billion cubic meters, up 17% year-on-year [2] - Natural gas imports totaled 181.7 billion cubic meters, a 9.9% increase, with pipeline gas imports at 76 billion cubic meters (up 13.1%) and LNG imports at 105.7 billion cubic meters (up 7.7%) [2] Efficient Utilization as a New Trend - Natural gas's share in primary energy consumption increased from 6.9% in 2017 to 8.8% in 2024, driven by policies promoting its efficient use in various sectors [3] - Natural gas consumption grew by 7.3% year-on-year in 2024, with urban gas consumption up 11.1%, industrial fuel consumption up 6.1%, and power generation gas consumption up 9.5% [3] Market Reforms Progressing - The natural gas market reform is advancing, with the number of exploration and development entities increasing significantly, and the number of LNG import entities rising from nearly 10 in 2017 to over 20 [5] - The number of operators under the National Pipeline Network Group increased from 5 in 2019 to 765 in 2024, with several provinces achieving market integration and independent operation [5] - Market-based pricing for natural gas has been implemented, promoting dynamic balance between supply and demand [5] Future Outlook - Experts indicate that future efforts will focus on deepening market reforms, enhancing resource allocation efficiency, and optimizing natural gas utilization to foster a more vibrant natural gas market system [6]

Group 1 - The cancellation of mandatory storage requirements under Document No. 136 prompts the need for collaboration between renewable energy and energy storage for high-quality development [1] - The western region of China, with over 80% of wind and solar resources, is identified as a strategic base for energy, providing unique opportunities for large-scale energy storage applications [1] - Current challenges in the energy storage sector include an imperfect electricity market mechanism, technological bottlenecks, and an incomplete standard system [1] Group 2 - The National Energy Administration emphasizes the rapid development of new energy storage since the 14th Five-Year Plan and outlines three key areas for focus in the upcoming 15th Five-Year Plan [2] - Key areas include strengthening top-level design, improving market mechanisms for energy storage participation, and promoting high-quality development by shifting from "price comparison" to "value comparison" [2] - The construction of a new power system creates a rigid demand for new energy storage, necessitating confidence in development and alignment with technological frontiers, system needs, and market mechanisms [2] Group 3 - Lithium-ion batteries are expected to remain the mainstream technology in battery storage, with a focus on overcoming safety bottlenecks and reducing energy storage costs to 0.1 yuan per watt-hour [3] - The integration of multiple disciplines is essential for advancing energy storage technology and developing a zero-carbon energy system [3] - Inner Mongolia Power Group has pioneered a long-term compensation mechanism for energy storage, ensuring stable returns for storage projects and plans to initiate the construction of 600,000 kilowatts of new energy storage in 2024 [3]

1Q2025 Operational Data Company Presentation 25 April 2025 1Q Operational Highlights Retail gas sales volume increased by 0.3% to 7,258 mil m3 , and developed 2.5 mil m3 installed daily capacity to expand the scale of gas volume Sales volume of IE increased by 9.9% to 10,039 mil kWh Penetration rate of value added business reached 3.7% among existing customers, and 49.8% among newly acquired customers Acquired 12 new projects (including 1 city gas project), added 287 thousand new residential customers to ex ...